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CNPC and RECOPE sign a joint venture agreement

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Publish time: 19th November, 2008      Source: CNPC
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On the morning of November 17 (local time), witnessed by Chinese President Hu Jintao and Costa Rica President Oscar Arias Sánchez, CNPC Vice President Wang Dongjin and RECOPE CEO José L. Desanti signed an agreement in Costa Rica's capital city of San José, on creating a joint venture refinery between CNPC and RECOPE, which initiates CNPC's first oil and gas cooperation project in Central America ever since China and Costa Rica established diplomatic relation in June, 2007.

According to the agreement, the two parties will establish a joint venture in Costa Rica, with a term of 25 years, to upgrade, reconstruct and expand the 1.2Mt/a MOIN refinery, so as to enhance its processing capacity, improve product quality and environmental protection. The joint venture project will finally enhance the processing capacity of MOIN refinery to three million tons per annum. Meanwhile, the two companies will run a feasibility study on a 10Mt/a refinery.